Committee on Finance 10-7-26

Philadelphia City Council Committee on Finance public hearing and meeting, October 7, 2026, considered Bill 260691, authorizing a service agreement with the Philadelphia Authority for Industrial Development to finance capital improvements for a Philadelphia Police Department forensics laboratory at 4101 Market Street. The city treasurer testified in support of issuing up to $40 million in bonds, plus related issuance costs, credit enhancement, and discount. City payments under the service agreement would support debt service. The site lease was signed December 17, 2025, construction began then, and the projected schedule runs through late April 2027. Raymond James was identified as senior underwriter and woman-owned Stern Brothers as co-senior underwriter.

The committee approved a motion to report the bill with a favorable recommendation and suspend council rules to permit first reading at the next council session. Members described the project as a long-awaited modernization intended to address space constraints and delays in processing forensic evidence; staffing needs were also raised, but no staffing action was taken. No public testimony was offered.